What are Property Auctions?
Property auctions offer properties for sale by immediate, unconditional contract, which means that the fall of the electronic gavel constitutes an exchange of contracts between the buyer and seller.
Our innovative platform provides all the benefits of traditional auctions – speed and certainty of sale, transparency and zero risk of gazumping – but with the added advantage of being able to bid pressure-free from the comfort of your own home via desktop, tablet or mobile phone.
Why Choose Online Property Auctions?
Our platform provides all the benefits synonymous with traditional auctions, including speed and certainty of sale, transparency and zero risk of gazumping or double-selling. Both parties are legally bound to complete the transaction usually within 20 working days following the close of the auction.
You can bid pressure-free from the comfort of your own home or office via desktop, tablet or mobile phone with complete transparency throughout the entire process.
Simple, Secure Process
Getting started involves arranging a professional valuation and discussing your Guide Price and Reserve Price with our experts. We’ll guide you through completing the Auction Contract and ID verification for all legal owners, ensuring all necessary documentation is in place for a smooth sale process.
We will coordinate with your solicitor to produce your comprehensive legal pack, including searches and Land Registry information, plus arrange all marketing activities to showcase your property effectively. Our streamlined process typically sets your auction date 4 weeks after instruction, providing an optimal marketing window to maximise interest and achieve the best possible price.
Auction Pricing Guide
Guide Price
A Guide Price is an indication of where the Reserve is currently set. It’s not what we expect to sell for and shouldn’t be taken as a valuation. The reserve will not exceed the Guide Price by more than 10%, or if a range is quoted, the Reserve will fall within that range.
Reserve Price
The Reserve is the minimum figure we’re authorised by the vendor to sell the property for. The Reserve can change during marketing and we can lower it during the auction to match the existing highest bid. If there are no further bids, that highest bidder will be declared the purchaser.
What Happens on Auction Day?
Your property will be offered for sale over a 3-hour live bidding window, where qualified bidders compete in real-time. Our unique extension system adds 60 seconds whenever someone bids in the final minute, ensuring maximum competition and the best possible outcome for your sale.
Following the fall of the hammer, exchange of contracts takes place immediately and we’ll be in touch to discuss the completion process.
Completion typically occurs within 20 working days of the auction close, though the exact timeframe will be confirmed in your property’s legal documentation, giving you certainty over your sale timeline and proceeds.
Frequently Asked Questions (FAQ's)
- Is online bidding legally binding?
Yes, the fall of the electronic gavel constitutes an exchange of contracts between buyer and seller, with both parties legally bound to complete.
- How long after the auction will the sale complete?
Usually 20 working days following the auction close, but this will be confirmed in the legal documentation for each property.
- What happens if no one bids on my property?
If the reserve price isn’t met, your property remains unsold and you’re not obligated to sell. We’ll discuss alternative options with you following the auction.
- Can I set a reserve price?
Yes, you can set a reserve price below which your property won’t be sold. This gives you protection while still allowing competitive bidding to drive the final price higher.
- When do I receive my sale proceeds?
Funds are typically transferred to your solicitor on completion day, usually 20 working days after the auction closes, minus any agreed fees and charges.
- How does the bidding extension work?
Any bid in the final 60 seconds extends the auction by another 60 seconds. This ensures maximum competition and the best possible price for your property.
- Do I need to be available during the auction?
While not mandatory, we recommend monitoring the auction as it provides valuable insight into market demand for your property type and area.
Thinking of Selling at Auction?
Take the first step by having a discussion with our property experts. We will arrange a professional valuation, explain the process in detail, and help you understand how we can market your property to achieve maximum competition and the best possible outcome.
Discover the Value of Your Home
Curious about how much your property is worth? At David James, we provide a complimentary, no-obligation property valuation. Our expert valuers will consider key factors like location, size, condition, and recent local sales to give you an accurate market assessment.